Need help finding the right tenants but don't know what to look for
Hi guys, Looking for tenants for two apartments has been an eye-opening experience and I now realize that we do not know what to look for either good or bad. I suppose we should know what to avoid, more than anything. How do we steer clear of deadbeats that are familiar with working the system….
Hi guys,
Looking for tenants for two apartments has been an eye-opening experience and I now realize that we do not know what to look for either good or bad.
I suppose we should know what to avoid, more than anything. How do we steer clear of deadbeats that are familiar with working the system. Not concerned with which reports to run (credit, etc) rather what red flags.
Also, what would you guys advise to look FOR in tenants?
Thanks in advance.
Thank you, BHS. Very good to know.
Regarding your month-to-month idea, the problem is that non-payers will not leave any sooner just because there is no lease. You must avoid non-payers moving in in the first place.
10 minute walk to Nostrand A and about 8 minute walk to Kingston/Throop C. Rent breakout is above.
Sounds lovely! Wish we could live there.
At least try Craigslist. Screen on phone or email somewhat in advance. I think a broker is only useful if you’re not in the area. Their motivation is to rent the place as quickly as possible. They don’t take the care you would. As a renter, I’ve been horrified by some of them, who I know for a fact did not check my references, but told the landlord they did.
What subway stop are you near, how many bedrooms, and what is the rent?
$1425 on the 1.5br and $1595 on the 2br – gas included.
“how does one navigate around that – get an extra month’s security if credit score is below xxx, do a 6-month lease that is renewable if rent is paid on time?”
if i was looking for an apartment – and a landlord was only offering a 6 month lease and asking for an extra month of security i’d run the other way.
how much rent are you asking? sounds like a very nice place in a good location. surprising you can’t find qualified tenants.
Vinca – more4less is considering the possibility of doing a month to month lease with his/her tenants as a means of being able to get rid of any bad or non-paying tenants.
I’ve met a few really lovely people, have a nice conversation, think they would be nice as neighbors in our building and then we see the paperwork – multiple addresses and / or jobs over the past year, horrible credit, etc.
I’m wondering what the red-flags are for avoiding those that know how to work the system and live rent-free. Also, with DIBS point about people generally not having good credit in our neigborhood, how does one navigate around that – get an extra month’s security if credit score is below xxx, do a 6-month lease that is renewable if rent is paid on time? Trying to figure out how to protect ourselves from renting to the wrong people.
Thanks again, everyone.
OP: Your query is not clear to me. Do you ask each potential tenant to complete a rental application? Do you sit down in person with each applicant and discuss the same set of questions? What do the questions cover? Where in the interview/application process do YOU get stuck?
On the suggestion of having no lease—a bad idea, in my opinion. The lease is a contract between you and tenant; the lease protects BOTH of you.
Thanks everyone for the comments.
More4less – I am interested in hearing people’s opinions on your thoughts. I agree that it would offer some sort of safety net for us, the landlords, however, as a former tenant myself, I may feel like I would be waiting for the rug to be pulled our from under me should someone offer more money. After all, we would only be making a 30-day commitment.
Rh – the apartment is very nice, in my opinion. Granite countertops, undermount sink, SS appliances including dishwasher and over the range microwave with fan, some custom cabinetry in the kitchen. Huge bath with orignial claw foot tub, linen closet, tons of closet space, original parquet floors and very high-end finishing details from Waterworks, Gracious Home, etc. About 950 sf.
When do other landlords up the security deposit from one month to two when applicants have poor credit? Wondering if we should explore that option.